Govt privatises 142 firms, says Osinbajo

Recent Posts

Govt privatises 142 firms, says Osinbajo

The National Council on Privatisation (NCP) has since inception successfully concluded the privatisation and reform of over 142 public enterprises, the Acting President, Prof Yemi Osinbajo, has said.
Osinbajo, who spoke at the inauguration of the Fifth Council of the National Council on Privatisation (NCP),  said the event is a critical step in the process of putting in place part of the institutional framework necessary for the actualisation of the socio-economic agenda of the administration.
In a statement yesterday by the Head,  Public Communications, BPE, Chukwuma Nwoko, Osinbajo said the inauguration is a demonstration of the administration’s commitment to public sector reform and the central role of the NCP in this process.
He said even though the public sector has been at the centre stage in the provision of critical infrastructure and services cutting across the whole spectrum of the nation’s life since independence, “the emerging importance and centrality of the private sector to the actualisation of the economic agenda of the administration cannot be downplayed.”
He said apart from playing a dominant role of generating employment opportunities, the intervention of the private sector enhances the process of industrialisation, delivers critical infrastructure and services the country, pointing out that the role can only be played when government’s duty of regulating and creating an enabling environment is undertaken.
In his words:  “This will in turn offer the private sector the required comfort and assurance to make investments and expect a reasonable return  thereon,” pledging the administration’s commitment to giving all the required support to the NCP in carrying out its statutory responsibilities.
He said the expectation of government is that the NCP will come up with creative out-of-the box solutions for addressing the numerous challenges facing the privatisation and commercialisation programme such as the non-performance by some privatised enterprises and post-privatisation challenges facing some of the privatised enterprises.
As he put it: “Government also expects the NCP to make measurable progress in respect of the outstanding transactions affecting some of the areas critical to the economic recovery of the nation. You must make deliberate and conscious efforts to learn from past experiences and guard against avoidable mistakes of the past.”
Osinbajo said over the years, the NCP had concluded significant transactions and carried out economic reform activities in key sectors of the economy, such as telecommunications, pension management, ports, power, etc.   “A mega reform process in the power sector is ongoing with ambitious expectations. Although there are numerous challenges trailing the process, the NCP is expected to critically analyse these challenges and come up with sustainable solutions as part of government commitment to make power available at accelerated rates and to wide sections of the populace,” he said.
In his remarks, the Director-General, Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, said a trend has emerged where certain institutions engage in activities which are tending to compromise and conflict with the statutory functions of the Bureau.
“We believe that regulatory agencies and commissions should manage regulatory compliance and not get involved in process as transactions managers or operators as this will clearly create confusion and possible conflict. The BPE operates as transaction managers and we shall submit our processes to the supervision of the relevant regulatory agency responsible for the particular transaction track we pursue to execute our mandate of enterprise reformation, including the SEC and the ICRC.

Post a Comment

0 Comments